Oakhill Lawyers

Blog posts about this area

Replacing combustible cladding – help from councils

Tenant Listing

Can a tenant list their home on Airbnb?

Foreign Purchaser

Update to the foreign purchaser stamp duty surcharge

  • What to look for at a final inspection?
  • Foreign purchaser stamp duty surcharge and discretionary trusts
  • Update to the foreign purchaser stamp duty surcharge

More Posts from this Category

  • Home
  • Practice Areas
    • Estate Planning
    • Deceased Estates
    • Employment Law
    • Property Law and Conveyancing
    • Commercial Law
    • Debt Recovery
  • How We Charge
  • News
  • Testimonials
  • For Clients
    • Document Management
  • Pay your legal bill
  • Contact Us

Conveyancing update – GST withholding notifications

September 6, 2018 By Oakhill Lawyers

GST withholding provisions came into effect on 1 July 2018.  The provisions are relevant to all purchasers and vendors of residential real estate.

The legislation requires most vendors to supply a notification to purchasers (which is usually part of the section 32 statement) stating whether the GST withholding provisions apply.  For established homes the notification will simply state that the GST withholding provisions do not apply.  However for new homes or for vacant land that can potentially be used for residential purposes (eg purchasing land off the plan) the GST withholding provisions will apply (with some exceptions) and the notification needs to contain details of the amount to be withheld.

The effect of the legislation is to require the purchaser to make a payment to the Commissioner for Taxation at settlement for the Vendor’s GST liability.

There are penalties for both the purchaser and vendor if there is a failure to comply with the legislation.

Oakhill Lawyers ensures that all vendors and purchasers comply with this legislation.  For further information please contact us.

Email address

Filed Under: News, Property, Slider

Blog posts about this area

Tenant Listing

Can a tenant list their home on Airbnb?

Do you have a pool or a spa? You may be required to register on a Pool and Spa Register

Duty and Land Tax

Foreign investors and property in Victoria – increase in stamp duty and land tax

  • What to look for at a final inspection?
  • Foreign purchaser stamp duty surcharge and discretionary trusts
  • Update to the foreign purchaser stamp duty surcharge

More Posts from this Category

Oakhill Lawyers

We see the strong, robust and ever growing oak tree as a symbol of what Oakhill Lawyers strives to help its clients become.

Our Advantages

Accessible local law firm
Fixed fees
After hours appointments
Approachable and friendly

Contact Us

  • Level 1, 200 Lygon Street
    Carlton Victoria 3053
  • PO Box 7072, Banyule VIC 3084
  • 0421 656 662
  • clare@oakhilllawyers.com.au

Copyright © 2020 · Privacy Policy
Created and hosted by LEAP · Log in